Bank of America lays off 280 St. Charles employees

ST. CHARLES, Mo. – Nearly 300 Bank of America employees in St. Charles are losing their jobs.

Jumana Bauwens, a spokesperson for the bank, says 280 mortgage operations employees will be laid off after the number of delinquent mortgage loans serviced has decreased. Approximately 90 employees will remain employed at the location.

Here is the full statement Bauwens released to NewsChannel 5:

"The number of delinquent mortgage loans we service has decreased to less than one-third of the peak levels. As we continue to resolve the needs of customers with delinquent loans, we are reducing the size of the operations that support these specialized programs. Additionally, in line with the industry, we are realigning our cost structure in response to lower customer demand for mortgage refinancing. We are working with employees to identify opportunities both inside and outside the bank."